Machinery/Industrial Goods

Navistar 10.7M-share offer prices at 1.7% discount

MelodieWarner

Navistar International Corp.'s
NAV, -4.47%
increased public offering of 10.7 million shares priced at a 1.7% discount to Wednesday's close.

Shares were inactive premarket and ended Wednesday's session at $19.08, compared with the offering's price of $18.75 a share. The stock has fallen 54% over the past year.

The commercial truck maker had said Wednesday it would sell 10 million shares to raise proceeds for general corporate purposes.

It had 68.9 million diluted shares outstanding as of Sept. 6.

Navistar's stock price has fallen sharply this year amid investor frustration with its emissions strategy. The company also has attracted interest from activist investors Carl Icahn and Mark Rachesky. Navistar recently agreed to name Mr. Rachesky and Vincent J. Intrieri to its board and agreed to add a third director designated by Mr. Icahn and Mr. Rachesky's MHR Fund Management LLC.

Navistar reported in September its fiscal third-quarter profit plunged as revenue fell 6.2%.

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